Global Stocks Drop Amid Concerns About Turkey

Dow down 200 emerging markets crashing on US-Turkey geopolitical concerns

Andrew Kelly Reuters

Stocks traded little changed on Thursday as the S&P 500 was within striking distance of reaching an all-time high.

The S&P index recorded 13 new 52-week highs and two new lows, while the Nasdaq recorded 42 new highs and 27 new lows.

The S&P 500 is up 159.67 points, or 6 per cent. The broad index has climbed back to record territory as strong quarterly earnings have largely offset worries about rising trade tensions. "We're in a better place in getting to that record high than we were in January".

The biggest drag on the S&P 500 was Booking Holdings (BKNG.O), which fell 5 percent after it forecast third-quarter profit below expectations.

Cimarex Energy (N:XEC) fell more than 7 percent after posting disappointing quarterly results.

This earnings season has been stronger than analysts had expected.

"We have been in a tug of war between broadly positive economic conditions and the uncertainty of trade risk", said Bill Northey, senior vice president at U.S. Bank Wealth Management in Helena, Montana.

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China said it was slapping additional import tariffs of 25 percent on $16 billion worth of U.S. goods, responding in equal measure to the United States' new round of tariffs. In total, 333 goods have been picked out by China, including vehicles, various types of fuels, recyclables and fiber optical cables.

The announcement came after the USA government released a finalised list of $16 billion worth of Chinese goods that will be charged with higher tariffs.

Shares of Apple (AAPL.O) rose 0.8 percent, while those of Amazon (AMZN.O) were up 0.6 percent and Microsoft (MSFT.O) 0.4 percent.

The Consumer Price Index reported an annual increase of 2.9%.

"We are in the zone of full employment and inflationary trends are continuing to firm, and that is supportive of the federal reserve removing monetary policy accommodation throughout the balance of this year".

Alan Skrainka of Cornerstone Wealth Management said the Turkey-related turbulence should soon subside.

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